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Can you summarize Core Examination Procedures for Regulatory Requirements and Related Topics > Funds Transfers Recordkeeping?
Core Examination Procedures for Regulatory Requirements and Related Topics > Funds Transfers Recordkeeping
Short Summary
This document governs the compliance of banks and financial institutions with statutory and regulatory requirements for funds transfers. It outlines the recordkeeping requirements for banks involved in funds transfers, including the collection and retention of specific information depending on the bank’s role in the transfer. The document also introduces the ‘Travel Rule’ which requires financial institutions to include certain information in transmittal orders for funds transfers. Intermediary institutions are required to retain records of payment orders, while beneficiary’s banks must retain records of payment orders and verify the identity of the recipient. The document provides guidelines for retrievability of information and addresses the use of abbreviations and addresses in transmittal orders. The summary does not mention any specific penalties for non-compliance or violations of the document’s provisions.
Whom does it apply to?
Banks involved in funds transfers, financial institutions, intermediary institutions, beneficiary's banks
What does it govern?
Compliance with statutory and regulatory requirements for funds transfers
What are exemptions?
Funds transfers where both the originator and the beneficiary are the same person and the originator's bank and the beneficiary's bank are the same bank; banks, wholly owned domestic subsidiaries of banks, brokers or dealers in securities, wholly owned domestic subsidiaries of brokers or dealers in securities, the United States, state or local governments, federal, state or local government agencies or instrumentalities
What are the Penalties?
Not mentioned
Jurisdiction
U.S. Federal Government